When 12 companies copying Michael Saylor’s $BTC strategy reportedly dump their holdings, it raises questions about the sustainability of the corporate Bitcoin treasury trend, but it doesn't automatically mean smart money is abandoning BTC. There are a few possible reasons behind this kind of selling: 1. Liquidity pressure: Some companies may need cash to cover debts, operating costs, or other obligations. 2. Risk management: Companies that bought BTC with borrowed money face greater pressure when prices fall. 3. Changing market conditions: Investors may be reducing exposure because of macroeconomic uncertainty, interest-rate expectations, or weakening momentum. 4. Copycat strategy risks: Not every company has Saylor’s capital access, investor confidence, or ability to withstand prolonged volatility. Recent reports do show real pressure on Bitcoin treasury companies, with falling valuations and doubts about their funding models. However, the picture isn't entirely bearish: Strategy has continued buying $BTC , and Strive recently made a major purchase. My conclusion: This looks more like a shakeout of weaker corporate Bitcoin strategies than definitive proof that institutional investors are abandoning Bitcoin. Please, share your thoughts. #BTC Price Analysis# #Macro Insights#